Question
Which of the following taxpayers may potentially qualify for the Retirement Savings Contributions Credit (Saver's Credit)? (Assume that all are over the age of 18,
Which of the following taxpayers may potentially qualify for the Retirement Savings Contributions Credit (Saver's Credit)? (Assume that all are over the age of 18, not claimed as a dependent on another's return, and not a student.)
John and Angie are married and file a joint return. Their modified adjusted gross income is $52,762. Angie contributed to a Roth IRA.
LaMonte will use the single filing status. His modified adjusted gross income is $47,000. His employer made contributions on his behalf to a simplified employee pension (SEP) IRA.
Maureen will use the head of household filing status. Her modified adjusted gross income is $55,000. She contributed to a traditional IRA.
Vicky and Edmond are a married couple filing a joint return. Their modified adjusted gross income is $72,000. Vicky made voluntary contributions to her company's 401(k) plan.
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